Revisions to CME Product Chapters in Connection with the CME Rulebook Harmonization Project

To

Members, Member Firms and Market Users

From

Market Regulation Department

#

SER-6450

Notice Date

01 November 2012

Effective Date

08 November 2012

Pending all relevant regulatory review periods, CME will adopt a series of revisions to its product chapters, beginning with Equity and Real Estate products on November 2, 2012. Revisions to the CME Weather, Agriculture, Interest Rate and FX product chapters will become effective on November 8, 19, 20 and 27, respectively.

Revisions to all CME product chapters are being adopted to ensure that the Exchange’s rules remain in compliance with CFTC Designated Contract Market (“DCM”) Core Principle 7 (“Availability of General Information”), which requires that DCMs make available to the public accurate information concerning the contract market’s rules and regulations, contracts and operations. Correspondingly, the goal of the CME Rulebook Harmonization Project was to eliminate outdated and obsolete language, ensure the accuracy of all listed numerical values (e.g, trading units, tick sizes, etc.) and harmonize the language and structure of the CME product chapters, to the best extent possible. The majority of the revisions are stylistic in nature. The more substantive revisions include the following:

·Product-specific position limits, accountability and reportable levels have been eliminated and been replaced with standardized language that directs the reader to the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special Notices Section of CME Chapter 5;

·Product-specific position limit exemption and accumulation language has been eliminated and replaced with standardized language referring to applicable rules;

·Product and rule titles were harmonized;

·Scope of Chapter language was harmonized and a standardized reference to Chicago Time has been adopted;

·All footnotes referencing rule revision dates have been eliminated;

·The Contract Modification section has been eliminated and new Rule 419 (“Contract Modification”) in Chapter 4 of each Exchange’s Rulebook has been adopted;

·Obsolete references to the Board have been eliminated and replaced with appropriate references to the Exchange;

·Failure to Perform/Delivery rules for cash-settled products have been removed;

·References to outdated or obsolete Special Executive Reports (SERs) have been eliminated; and

·Defined terms have been capitalized (e.g., Business Day, Trading Day)

To view the changes to the product chapters in their entirety, please click on the following link:

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.